The World Bank commended the city for introducing requirements for directors to provide more detailed disclosure of conflicts of interest under the new Companies Ordinance.

Hong Kong’s ranking in “starting a business” has gone up four places to fourth internationally with the removal of the mandatory requirement of having a common seal.

The total number of local companies registered in Hong Kong under the Companies Ordinance was 1,288,666 at the end of 2015, up 15,973 from 2014.

In 2015, a total of 139,209 local companies were newly registered with the Companies Registry, among which 35,448 were incorporated online at the e-Registry (www.eregistry.gov.hk) via the one-stop electronic company incorporation and business registration service.

Launched in March 2015, the electronic filing service not only facilitates the reporting and disclosure of company information but also enhances the efficiency of filing for companies.

In 2015, 894 non-Hong Kong companies that have newly established a place of business in Hong Kong were registered under the Companies Ordinance, an increase of 10.23% from 811 in 2014. The total number of registered non-Hong Kong companies reached 10,029, up 4% year on year.